The United States healthcare market is one of the largest and most lucrative global markets in size and impact. With the current population of United States citizens being 330 million and growing, the healthcare market is constantly evolving to fit the country’s unique needs. The Affordable Care Act (ACA) was designed to increase healthcare access for all Americans and thus focused provider efforts in many ways to rethink their strategies for patient care. With the sudden increase in healthcare access, patient care strategy had to be revamped to handle the new demand on the market. This new post-ACA environment forced healthcare systems to focus heavily on budget and spending, making every dollar count.
What is B2B? Why is it important?
As opposed to B2C, or business-to-consumer, B2B refers to business-to-business. As the name implies, B2B typically refers to a marketing and sales model that contains one business making commercial transactions with another. In industries like healthcare that rely heavily on many different suppliers and vendors for products and services, it is essential to discuss the B2B healthcare landscape.
Think about it this way- When buying a new car, do you typically buy a car on your own? Or do you visit different dealerships to learn about the varying qualities of each make and model to find which is best for your unique set of needs, wants, and budget? Most vendors across healthcare are utilizing the B2B model to help provide health systems an “expert in the field” approach, utilizing their vast product knowledge to tailor a fit solution based on the health systems’ unique set of problems. Salespeople need to be able to explain complex products and services in simple terms that non-sales professionals can understand.
Being in the B2B market, healthcare technology sales reps also need to have a full scope of market complexities to portray themselves as trusted advisors and experts in the field.
Where does the money go?
In a tight market, provider organizations must make every dollar count. The biggest challenge? Providers are seeing less revenue from their traditional sources. That means they must find new ways to generate revenue and manage costs. Providers focus on patient satisfaction, clinical outcomes, cost control, and how new technologies can help them achieve those goals.
Here are the top three technological areas that health systems are investing in:
- Population health management
- Electronic medical records (EMRs) and electronic health records (EHRs)
- Revenue cycle management
How do new healthcare technologies and innovations affect spending?
A recent survey found that 40% of respondents said cost containment is their top priority for this year. That’s followed by improving outcomes (33%), improving patient experience (30%), and better access to data (29%).
More than 90% of respondents in that survey stated that telehealth and virtual consultations could help reduce costs, while nearly 70% see them as improving the patient experience.
Nearly 70% said they believe artificial intelligence will help them cut down on unnecessary tests. And almost 60% said AI would make it easier for physicians to share information with patients.
Technology is a significant factor in healthcare spending. With the rapidly changing technological world around us, the cost of new technology like artificial intelligence (AI), and machine learning (ML) has increased at an average rate of 22% annually since 2011. This isn’t slowing down any time either. See Intely’s take on AI in healthcare.
Money isn’t the only factor to be considered, but also time too. The American Medical Association found that Doctors spent nearly 3 hours per week searching for new medical information online. The same study found that most doctors thought they should be less but spending less time with administrative tasks and focusing on patient care. Thus emphasizing the importance for sale rep to understand exact provider needs and direct their B2B sales and marketing efforts.
What are providers focused on?
Providers are focused on improving administrative efficiencies while providing the most optimal patient care possible. One of the most common challenges in healthcare is managing an ever-growing number of patients and cases effectively. This is especially true for large practices that have grown to accommodate the needs of their communities.
An interoperability platform can make this process easier by allowing providers to access critical information from their patients’ health records quickly. An interface engine can also improve administrative efficiencies at a practice by reducing the time it takes for staff members to complete tasks like scheduling appointments.
Interoperability Platforms Drive Patient Care Efficiencies
With an interoperability platform, patient information can be accessed from one destination, making it easier for providers to access critical data at any point during a patient encounter. For example, suppose a physician wants to review a patient’s medical history or recent test results before meeting them in person. In that case, they can view that information immediately through their computer or mobile device without leaving their office or clinic.
In addition, an interoperable system allows physicians and other care team members to collaborate by sharing important information about their patients that may not otherwise be available — such as allergies or prescription histories — thereby improving patient outcomes.
Check intely’s homepage for more information about the platform and its many use cases!